The approaches described in this section are approaches that could be pursued, but not necessarily approaches that have been previously conceived or pursued. Therefore, unless otherwise indicated, it should not be assumed that any of the approaches described in this section qualify as prior art merely by virtue of their inclusion in this section.
In procurement, a contract is agreed to by two or more parties dictating the terms of a relationship between the parties. The terms include information such as time, materials, milestone payments, and payment terms. A buyer generates a purchase requisition, and the purchase requisition is then used to generate a purchase order. The purchase order is sent to the supplier for invoicing. Generating the purchase requisition and the purchase order is, however, a redundant and expensive process for many companies.
Further, an entity may have a large number of complex contracts with different entities, including consulting agreements, service agreements, and the like. The different entities may not have a sophisticated system for contract management or invoicing and are therefore more prone to making errors when submitting invoices to the entity. The errors may cause the entity to delay payment on the contract.